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Unformatted text preview: managerial accounting prepares statements for internal use and financial accounting prepares statements for external use. 5. What are the definitions of the terms accounts receivable and accounts payable ? Accounts receivable are accounts of people who owe you money and accounts payable means you owe someone else. 6. What is the attest function as performed by a certified public accountant? The attest function of the CPA is a opinion formed after an audit. 7. What is a consolidated financial statement? Consolidated financial statements report the financial results as if they represent a single business entity....
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This homework help was uploaded on 04/20/2008 for the course ACC 175 taught by Professor Broden during the Spring '08 term at Wake Tech.
- Spring '08